Latest Stock Market News

"The yield curve is indicating an improvement in long-term growth prospects and an upshift in ex-ante inflation expectations. At the same time, the fact that the yield curve has become steeper and concave reconfirms expectations of tighter monetary policy in the period ahead," the researchers said.

Investors had quickly raised their expectations that the central bank would hike rates by 75 basis points (bps) over the past several days following a stronger than expected reading of consumer prices on Friday. It had previously been widely anticipated the Fed would announce a raise of 50 bps, a rapid swing in expectations that has triggered a violent selloff across world markets.

Confirming the development, Mohit Burman from the Burman promoter family said the open offer has concluded. “Our shareholding has now gone to 38.3%. We are happy with the outcome. We got 14.3% shares in the offer,” he said.

“However, the momentum readings on the lower time frame chart have reached the oversold zone and hence, a pullback move could be seen from the short-term supports in the near term,”

The stock traded at a P/E multiple of -18.4, while the price-to-book value ratio stood at 2.79.

The Nifty IT index closed 2.43 per cent down at 27136.45.

The Dow Jones Industrial Average dropped 2.4%, or 730 points, falling below the 30,000 mark and to its lowest level in over a year. The S&P 500 slipped 2.7% while the Nasdaq Composite slid 2.8%.

IT bellwether Infosys hit a low of Rs 1,392. Tech Mahindra ended the day at Rs 974.75, down 4.5 per cent, after hitting a low of Rs 971. Wipro hit a low of Rs 419.75 before ending the day at Rs 421.85, down 4.15 per cent.

"Our strategy of continuing to grow market share is very strong and it continues to be a high priority for us. In terms of value addition, one of our core strategies is to sometimes even cannibalise our own products with higher value-added products. In our company, key focus is on new products and R&D," says Vayu Garware.

"The stocks trading at high valuations and sectors like IT, metals have been impacted the most. In such a situation, preservation of capital is the best theme. Investing in a balanced portfolio of equity, debt and cash is a must. In equities, safe sectors will be those that are least impacted by inflation and aggressive policies such as finance.